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Market Insight Snapshots

Insights Markets

01/02/2023

Q4 2022 Eastside Market Snapshot

After three quarters of relatively stable vacancy, the Eastside stumbled in the fourth quarter. Vacancy rose 60 bases points to close at 9.0% which was last observed in 2017. In early 2023, we do not expect a repeat burst of tenant demand to soak up sublease space as we witnessed in the first half of 2021. A further wave of…

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10/04/2022

Q3 2022 Seattle Market Snapshot

As of Q3 2022, we started to see the light at the end of the tunnel in Seattle pandemic-era restrictions as the Governor’s office announced the upcoming recission of all remaining CV- 19 emergency proclamations and the state of emergency effective October 31, 2022. Well-located office buildings offering a host of amenities and collaborative workplace designs have led the pack…

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10/04/2022

Q3 2022 Eastside Market Snapshot

The brakes have been slammed on the five-year party of relentless Big Tech expansion on the Eastside. During the third quarter, Amazon announced delaying tenant improvements on 2.7M SF of their 3.5M SF currently under construction in downtown Bellevue, leaving the space in shell condition for the immediate future. Headline statistics for the third quarter were rather muted. Rental rates,…

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07/01/2022

Q2 2022 Seattle Market Snapshot

Throughout Q2 2022, Seattle continues to realize some of the lasting impacts from a combination of macroeconomic slowdowns, looming concerns around CV-19 and the resulting work-from-home movement, as well as public safety concerns. The overall Seattle direct vacancy rate increased during Q2 2022 to 13.84% while sublease vacancy slightly increased to 4.67% resulting in a total vacancy rate of 18.50%.…

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07/01/2022

Q2 2022 Eastside Market Snapshot

Despite the tech boom of the past few years, the Eastside is not immune to the macroeconomic impacts afflicting much of the country. From a statistical and transactional perspective, Q2 2022 mirrored the first three months of the year. Vacancy rates again trended slightly higher, large tenant activity was essentially absent and while rental rates have been growing for smaller…

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04/01/2022

Q1 2022 Seattle Market Snapshot

As the Omicron variant surged in Q1 2022, Seattle tenant requirements were delayed. As we continue to see the flight to quality, overall Class A+ CBD office assets continue to perform with an 8.38% vacancy, approximately half of the vacancy in the overall Seattle Market subset. The overall Seattle direct vacancy rate increased slightly during Q1 2022 to 11.57% while…

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